Auto Trend Lines Indicator

PVAutoTrendLines Indicator

Draw lines from Highs to Highs  and Lows to Lows and extrapolate those support / resistance levels automatically further.

Parameters (Default):

• Period (8):  Set this value smaller to get more small lines and vice verse (actually some automatic higher level scaling done and added to the chart so if you need a clearer = less lines, that's possible too). Set it higher like 16, is more likely outcome!
• Use Body(False): use bars body instead of  bars wicks (NT8 version)
• LineRayLengthScaling (2.0): Set higher to extrapolate levels further and 1.0 to just show lines from High to High and Low to Low. 
• Next ones at NT 8.0 version as Signal (Values[0]) as well.
• LineSets (1): 1-3, if more like 2 or 3, the higher level lines included too (NT7 = 3)
• RemoveNonActive (True): Remove old ones...
• DrawSignal (True): Draw signal condition reason, if both, no real signal generated although both drawn to the chart. Update starting version 1.0.1.1 (2020.05.03)  Only first signal drawn.
• AlertSound (Alert2.wav): Alert sound at signal, set empty to non alert (First signal).

Visual Parameters (Default): 

• UpperLines (GoldenRod,  Solid, 2): Hint, set either of those Transparent, if only upper or lower lines needed.
• LowerLines (Tomato, Solid, 2):

Change the color, dash style and width of lines.

Plots: 

• Signal (Blue): You might want to set this to Transparent if no need to see it, at least with fx.

Download: NT7 NT8

Be free to test.

Misc: 

You might need to restart the indicator twice as first time the trial license enabled.
FYI: NT8 version has a strategy based to this indicator: PVAutoTrendLinesS. You might want to check that too to find out good parameter values for your instrument.
Set Signal color to Transparent if that bothers you (mainly forex like values).
You get a free PVSwing indicator (binary) with this (NT8), which use bars body instead of bars high/low wicks.

Purchase: PriceGroup2

License: PVAutoTrend (or PVFullSet)

Picture (click to enlarge):

  NT8:

NT8 version has an another separate indicator PVAutoTrendLinesWS, included (WS = WithSlope and Signal for strategy use) so it shows that last line slope dy(Ticks)/dx(bars between those high or lows). PVAutoTrendLinesS strategy has been updated so  those slopes can be used as a filter.
Signal is 1 at upper breaks and -1 at lower breaks.

and this PVAutoTrendLinesWS can be used f. ex. in Market Analyzer to get a "alarm" or what ever it is able to do like (someone asked this example from me):

Risk Disclosure: Futures and forex trading contains substantial risk and is not for every investor. An investor could  potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. 

Hypothetical Performance Disclosure: Hypothetical performance results have many inherent limitations, some of which are described below. no representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.
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